topic $70,000 in business expenses . do I take the standard deduction or itemize in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/70-000-in-business-expenses-do-i-take-the-standard-deduction-or-itemize/01/2035572#M191671 why doesn't turbo tax answer the question Sat, 06 Mar 2021 12:51:15 GMT tldcmdmuralartis 2021-03-06T12:51:15Z $70,000 in business expenses . do I take the standard deduction or itemize https://ttlc.intuit.com/community/tax-credits-deductions/discussion/70-000-in-business-expenses-do-i-take-the-standard-deduction-or-itemize/01/2035572#M191671 why doesn't turbo tax answer the question Sat, 06 Mar 2021 12:51:15 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/70-000-in-business-expenses-do-i-take-the-standard-deduction-or-itemize/01/2035572#M191671 tldcmdmuralartis 2021-03-06T12:51:15Z Re: $70,000 in business expenses . do I take the standard deduction or itemize https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-70-000-in-business-expenses-do-i-take-the-standard-deduction-or-itemize/01/2035585#M191672 <P>Business expenses have nothing to do with a standard or itemized deduction.&nbsp; Itemized deductions are only for your personal deductions not associated with your business.&nbsp; The Total of all itemized deductions must be greater than the standard deduction for your filing status to have any tax benefit.</P> <P>&nbsp;</P> <P>You enter your business income and expenses on the same Schedule C if you are a sole proprietor/independent contractor.</P> Sat, 06 Mar 2021 12:55:37 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-70-000-in-business-expenses-do-i-take-the-standard-deduction-or-itemize/01/2035585#M191672 DoninGA 2021-03-06T12:55:37Z Re: $70,000 in business expenses . do I take the standard deduction or itemize https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-70-000-in-business-expenses-do-i-take-the-standard-deduction-or-itemize/01/2035953#M191702 <P>If you are self-employed, you may have to upgrade your TT package.&nbsp; But note&nbsp; that&nbsp;these expenses are no longer deductible if you are a W-2 employee.</P> Sat, 06 Mar 2021 14:49:04 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-70-000-in-business-expenses-do-i-take-the-standard-deduction-or-itemize/01/2035953#M191702 SweetieJean 2021-03-06T14:49:04Z